Business, 03.02.2020 23:48 kaleb6816

Maffett ticket brokers is a reseller of tickets to sporting events and concerts. during 2019, maffett sold gift cards totaling $250,000. based on past experience, maffett expects that 1% of the gift card purchases will not be redeemed by the time they expire, five years after issuance.
during 2019, $150,000 of the gift card purchases from 2019 were used to purchase tickets that had cost maffett $90,000.
required:
1. prepare the journal entry maffett uses to record its activity related to the above transactions in 2019, assuming state law does not require maffett to remit the breakage to the state.

a)prepare the entry to record the sale of tickets with payment using gift cards. no breakage has to be remade it to the state.
b)prepare the entry to recognize the ticket cost to the sale using gift cards.

2. prepare the journal entry maffett uses to record its activity related to the above transactions in 2019, assuming state law requires maffett to remit the breakage to the state upon expiration of a gift card. assume breakage is required to be remitted to the state.

a)prepare the entry to record the sale of tickets with payment using gift cards. no breakage is required to be remitted to the state.
b)prepare the entry to recognize the ticket cost to the sale using gift cards.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 19:20

You manage an equity fund with an expected risk premium of 10% and a standard deviation of 14%. the rate on treasury bills is 6%. your client chooses to invest $60,000 of her portfolio in your equity fund and $40,000 in a t-bill money market fund. what is the expected return and standard deviation of return on your client’s portfolio?

Answers: 1

Answer

Business, 22.06.2019 18:30

What historical context does wiesel convey using the allusion of a fiery sky? he compares the sky to hell. the fires from air raids during world war ii the cremation of jews in the concentration camps the outbreak of forest fires from bombs in world war ii

Answers: 1

Answer

Business, 22.06.2019 22:10

Scoresby co. uses 6 machine hours and 2 direct labor hours to produce product x. it uses 8 machine hours and 16 direct labor hours to produce product y. scoresby's assembly and finishing departments have factory overhead rates of $240 per machine hour and $160 per direct labor hour, respectively. how much overhead cost will be charged to the two products? a. product x = $1,440; product y = $2,560 b. product x = $1,760; product y = $4,480 c. product x = $3,200; product y = $9,600 d. product x = $800; product y = $800

Answers: 1

Answer

Business, 22.06.2019 23:20

You work as the sales manager for a company that sells office supplies to businesses of all sizes. because the profit margins are razor-thin, you need to ensure that you are getting the very best prices on paper, pencils, pens, post-it notes, and other office supplies from the manufacturers. when reviewing the quarterly profit statement, you realize that your costs are higher than they should be, and you trace the higher costs back to an employee who has been lax about getting competitive bids to ensure the lowest prices. when you conduct your research to determine the reason for the higher costs, and take action to bring those costs back down, in which of the key management processes are you taking part?

Answers: 3

Answer

You know the right answer?

Maffett ticket brokers is a reseller of tickets to sporting events and concerts. during 2019, maffet...

Questions